I bought a house with a relative for which we put up 50% of the equity on purchase over 70% of which was provided by me. Unbeknownst to me his loans for boat, cars, holidays other 'investment' properties were all being ignored and to cut a long life on the hog story short, there are judgement mortgages littering the deeds from banks, revenue commissioners, finance houses etc.
I have been paying the mortgage on my own for the couple of few years since taking over my relative's 'share' of the property which was in negative equity at the time of the agreement and in addition, had several JMs on it. My relatives name remains on the deeds because the bank refused to sign the loan over to me. I think that may change now as he is clearly a liability.
I am so stressed as clearly this person intends to evade all their financial responsibility as judgements are continuing to mount. I have a child to support too. If I go to court and seek legal transfer it will be complicated (and scarily expensive) because all the judgement holders get called in. There is also a risk that the judgement holders suspect fraudulent transfer. I did take the precaution at the time of getting the house valued and my brothers share would not then or now cover the judgements.
Any advice on how I get through to end this nightmare is welcome. It is as if he is vindictively accumulating debts because he knows they all land on the house - he works but has made himself self-employed presumably to avoid being garnished, and yes there are no words to describe my view of him.
I have been paying the mortgage on my own for the couple of few years since taking over my relative's 'share' of the property which was in negative equity at the time of the agreement and in addition, had several JMs on it. My relatives name remains on the deeds because the bank refused to sign the loan over to me. I think that may change now as he is clearly a liability.
I am so stressed as clearly this person intends to evade all their financial responsibility as judgements are continuing to mount. I have a child to support too. If I go to court and seek legal transfer it will be complicated (and scarily expensive) because all the judgement holders get called in. There is also a risk that the judgement holders suspect fraudulent transfer. I did take the precaution at the time of getting the house valued and my brothers share would not then or now cover the judgements.
Any advice on how I get through to end this nightmare is welcome. It is as if he is vindictively accumulating debts because he knows they all land on the house - he works but has made himself self-employed presumably to avoid being garnished, and yes there are no words to describe my view of him.